The national debt of the United States is about to pass a milestone. It will soon surpass $25 trillion.
U.S. national debt continues to grow at an unprecedented rate. With the COVID-19 pandemic rattling global economies, many nations have taken on massive debt burdens to cover for it. The United States has been no exception, and its debts have ballooned this year as a result.
$25 Trillion in Debt
At the time of writing, the United States is at the precipice of hitting $25 trillion in national debt. Debt per citizen, at the time of writing, stands at around $75,600 or so. The debt-to-GDP ratio for the United States is currently at 116%. For comparison, it was only 34.5% in 1980. That’s an astronomical increase. As Mati Greenspan, founder of QE, wrote on Twitter —
The pendulum can swing pretty fast sometimes, especially under extreme conditions like we’re seeing now.
Global Debt Surges
The current economic paradigm seems to be dependent on debt financing. Governments have been racking up more and more debts across the board. As BeInCrypto reported in November 2019, global debt reached a record $250 trillion then. By January 2020, this number had already increased by another $3 trillion. The economic fallout of COVID-19 will inevitably push these already incredible debt levels higher.
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